Kinder Morgan closes acquisition of terminals, infrastructure from BP Products North America

Kinder Morgan Inc. (NYSE: KMI) has closed its acquisition of 15 refined products terminals from BP Products North America Inc. in a transaction valued at $350 million.

The terminals are distribution facilities for refined products consuming markets, and have approximately 9.5 million barrels of storage and associated infrastructure in the US.

Kinder Morgan and BP Products North America have also formed a joint venture limited liability company (JV) terminal business to own 14 of the acquired assets, which Kinder Morgan will operate and market on the JV’s behalf. The fifteenth terminal will be owned and operated solely by KMI.

In connection with the transaction, BP has entered into commercial agreements securing long-term storage and throughput capacity from the JV, which will market additional capacity to third-party customers.

Kinder Morgan owns a 75% interest in the JV, with BP owning the balance.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...